on Instructions: Answer the following questions. Provide all your computations. Company ARL provides the following information December 31, Year 1. Equipment Cost $100,000 Purchases date January 1, Year 1 Residual Value $0 Useful Life 5 years Fair Value at end of first year $84,000. At December 31, Year 3 the market value of the asset is $30,000. Requires: Using Revaluation Model of IAS 16 Proportional Method and Elimination Method to determine: 1. Revaluation amount at the end of Year 1. 2. Show the Operating Assets Schedule from Year 1 to Year 3. 3. Determine the new depreciation expense. (Year 2 and Year 3)